Family Security Law Group, APC write about estate planning, wills, trusts, durable power of attorney, title and property agreements, special trusts, probate, trust administration and more!

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05/19/2016

"When Prince died at the age of 57, he left behind a vast estate estimated to be worth at least $50 million, but no will to sort any of it out."

By now you've seen and heard the news of the musician's sudden death. You also now are aware that the Minnesotan failed to take time out from the concerts, recording, and songwriting to do his estate planning.

Your will acts as your advocate when dividing up your estate among loved ones. It's the set of instructions they will use.

Prince's situation, unfortunately, isn't that unusual: 55% of American adults don't have a will prepared, according an April 30 story on the "Today" show. A recent estate planning survey found that most of the respondents said they were too busy to create a will or else they believe estate planning is too complex and too expensive to deal with.

Here are a few answers to some basic questions:

Who needs a will? Everybody needs a will, even if you are not wealthy. Regardless of net worth, a will can clean things up and get your estate organized so your family doesn't have to fight over it.

How can you get a legally binding and quality will? Talk with a qualified estate planning attorney.

While the "back of a napkin" might work, you really do get what you pay for when it comes to estate planning documents.